Housing Markets and the Global Financial Crisis
Show Less

Housing Markets and the Global Financial Crisis

The Uneven Impact on Households

Edited by Ray Forrest and Ngai-Ming Yip

Housing markets are at the centre of the recent global financial turmoil. In this well-researched study, a multidisciplinary group of leading analysts explores the impact of the crisis within, and between, countries.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 1: Households, Homeownership and Neoliberalism

Ray Forrest


Ray Forrest INTRODUCTION As recently as the early 1980s, just as neoliberalism began to gather political and policy momentum, the discourse around homeownership was essentially rooted in a social project. The growth of homeownership was presented by politicians, and engaged by most analysts, as a core element in the spread of middle-class lifestyles from minorities to majorities. Whether it was the American Dream, the Australian Dream or the British version of a property-owning democracy, the ingredients were pretty much the same. Homeownership was associated with stability and security; it gave a ‘stake in the system’; it represented an asset that could be handed down to children (Hamnett et al., 1991); it was associated with political conservatism and responsible communitarianism; it provided a general sense of well-being, of ontological security (Saunders, 1990; Forrest et al., 1990). It was implicitly imbued with the warm glow of family life. Of course, these and related associations with homeownership were subject to both theoretical debate and empirical challenge. Nevertheless, although homeownership was increasingly recognized as the primary source of household wealth for the majority of households (see, e.g. Forrest and Murie, 1995), it was the political, social and cultural features of the tenure that were most prominent in academic and political debate. It was also acknowledged, however, that the image of homeownership that dominated derived from a time when, in many societies, it was the minority tenure of a relatively secure upper- and middle-class section of society whose housing experiences were typically rooted in a...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.